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News watch August 2010: today's industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hourTuesday 31 August 2010• HSBC has sold its US car loan business to Spanish bank Santander, for an estimated £2.6bn in cash and assumed debt. The move sees the bank further distance itself from the collapsed US sub-prime market (Financial Times, subsription required) • Toll roads do not improve congestion, according to the Campaign For Better Transport. Its claims M6 toll road operator Midland Expressway Ltd is losing ‘tens of millions of pounds’ each year, while conditions on the original M6 have failed to improve (Campaign for Better Transport) Friday 27 August 2010• Spyker, which bought Saab earlier this year, has posted a €139m loss after tax in the first half of 2010 it announced today (Financial Times)• Fiat CEO Sergio Marchionne says the business is performing strongly in the third quarter – and has ruled out selling Alfa Romeo.

Fiat Grande Punto Abarth SS and revised Croma

By Ben Pulman Motor Shows 05 December 2007 17:00 I love a bit of white on white, makes me feel like a chav… Fiat used the Italian Motor Show to pull the wraps of the production version of the Grande Punto Abarth SS. And we’re still going to call it a Fiat first, and an Abarth second. The SS comes as a kit and will boost the Punto up to 178bhp and 199lb ft.

Citroen Tubik Concept – it’s a Citroen H Van MPV

Citroen Tubik Concept - Frankfurt-bound The Citroen Tubik is a slightly bonkers concept from Citroen that’s heading to the Frankfurt Motor Show in a week or so. But it does have possibilities as a production car. Looking like a modern take on a Citroen H Van (the cheap and cheerful, do anything, post-war lugging machine) the Tubik is Citroen’s idea of what a high-tech executive shuttle should be.